Redcare Pharmacy
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Redcare Pharmacy (RDC) investor relations material

Redcare Pharmacy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Mar, 2026

Executive summary

  • Rx revenues in Germany nearly doubled to EUR 503 million, securing a 67% market share and reinforcing market leadership in e-Rx among online pharmacies.

  • Group Rx revenues surpassed EUR 1 billion for the first time, now over 33% of total sales, supported by a landmark court ruling confirming Rx bonus legality for EU online pharmacies.

  • Major logistics expansions in Pilsen and automation in Sevenum increased capacity by up to 15 million parcels annually and reduced costs.

  • Customer base grew by 1.4 million, with Rx customers up by 0.6 million in 2025 and active customers reaching 13.9 million.

  • Digital health advancements, including PoPP, eGK, and Rx bonus model, improved Rx redemption and customer experience.

Financial highlights

  • Full-year revenues rose 24% to EUR 2.9 billion, with double-digit growth in both DACH and international regions.

  • Rx revenues increased 43% to EUR 1.1 billion, now 36% of total revenues; non-Rx revenues up 15.5% to EUR 1.9 billion.

  • Adjusted EBITDA grew 72% to EUR 57.4 million, with margin improving by 0.6 percentage points to 2.0%.

  • Orders processed increased by 19% year-over-year, reaching 43 million.

  • Cash position improved by EUR 26 million, with EUR 50 million from operating results and operating cash flow up to EUR 31 million.

Outlook and guidance

  • 2026 guidance: total/group sales growth of 13%-15%, Rx Germany revenues above EUR 670 million, non-Rx growth of 8%-10%, and adjusted EBITDA margin of at least 2.5%.

  • Midterm (3 years) EBITDA margin target of 5%; long-term (5+ years) target above 8%.

  • No EBITDA guidance will be provided beyond the next financial year; focus will shift to EPS.

  • CapEx expected to fall below 2% of revenues after 2026; peak investment years in 2025 and 2026.

Non-Rx growth stabilization strategy for 2026
Key drivers for mid-term EBITDA margin >5%
Peak investments' impact on competitive position
Non-Rx growth stabilization strategy
Post-2026 CapEx and capacity leverage
Internal levers for faster Rx penetration?
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Frequently asked questions

Redcare Pharmacy NV (formerly Shop Apotheke Europe N.V.) owns and operates online pharmacies in Germany, Austria, Switzerland, France, Belgium, Italy, and the Netherlands. Its customers can order prescription and non-prescription drugs, personal care products, dietary supplements, baby products, medical devices and supplies; cosmetics; pet accessories; sports nutrition products; foodstuffs; spirits/wine/beer; liquors/cereals/coffees/teas; tobacco products; non-alcoholic beverages; toys and leisure articles; household products; and health care electronics online. The company was formerly known as mediapharm Arzneimittelvertriebs GmbH & Co. KG and changed its name to Shop Apotheke Europe N.V. in December 2011. Shop Apotheke Europe N.V. was founded in 2001 and is headquartered in Sevenum, the Netherlands.

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